Episode 36: Minimalist Budgeting | Why Frugal People Still Need a Budget & How To Do Yours

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Minimalism isn’t just for your closets – the concepts can also be applied to your finances! Today we’re talking about how to budget, and how to find a budgeting method that works for you, even if you’re a frugal minimalist! There is no ‘one-size-fits-all’ when it comes to budgets and our mantra is ‘freedom’, so skip the guilt trips and shame sessions and tune in to receive permission to find what works for you!

Sponsors:

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Leftovers: it’s every child’s least favorite word, but it’s the budget friendly way to eat! Didn’t finish your meal at the restaurant? Get a doggie bag, eat it tomorrow! Did you make way too much food on Christmas? Eat up those leftovers today! Don’t worry about the fact that you already ate this for breakfast, lunch, and dinner – just think about all the money you’re saving! Leftovers – it’s turning your brain off, and filling your belly.

Notable Notes:

What the Internet has to say:

This article from Savvy Savers Academy lays the foundation for ‘why’ having a budget is a good thing. Most of us are on board with budgets being helpful – but this is a helpful argument in case you need a reminder 😉

What Jen and Jill have to say:

We agree with the point that budgets are glorified ‘plans’ for our money. Follow through can be difficult, but we have found that when we’re not planning we actually have anxiety about spending on anything, even things we need!

Budgeting gives you a peace of mind on current spending and future living

Sage gets paid the first of the month and will pay all her bills and debt right away then spend whatever’s left. And the key to her success in that is leaving her credit cards at home! Amia plans out the whole month in advance but gets paid bi-weekly so she sets her bills to come out on each of her paydays. And she also keeps the last credit card she hasn’t cut up at home.

Christine uses two checking accounts so all of her monthly bills come out of one and she uses the other for spending. This is good if you don’t have the option of paying everything on 1 or 2 particular days.

Juvy uses the Mint app to track her budget because she gets notifications when she’s nearing her limit. Apps are a great way to bring your budget with you. I also like HoneyFi it’s a similar budgeting app for couples. Whitney uses EveryDollar and Ashley uses YNAB, all can be configured with the zero-based budget.

Sue reminds us to prioritize sinking funds in our budgets so we’re not surprised by those often forgettable or unpredictable annual or biannual expenses.